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Addition Not Possible U/S 68 Once Identity, Creditworthiness & Genuineness Of Transaction Is Proved

DCIT Vs Piramal Realty Pvt. Ltd. (ITAT Mumbai)

Transaction is duly recorded in the books of accounts, statutory returns are duly filed with regard to allotment of shares. Documentary evidence proving identity, creditworthiness and genuineness of the transaction is provided. Addition under section 68 not possible....

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FAQ’s on Filing of Form MSME I

In this article author answer queries related to filing of MSME-1 Form which was notified by Specified Companies (Furnishing of information about payment to micro and small enterprise suppliers) Order, 2019 A. If a Company falls in criteria of MSME, However not registered under MSME Act. Whether Company need to mention details of such MSM...

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Posted Under: Income Tax |

Permissible Deposits – Private Companies -Companies Act, 2013

In this spark editorial, the author begins by referring the provisions of section 73 of Companies Act, 2013 relating to Acceptance of Deposit by Companies. Author shall Shed Some Light on sources of permissible deposits, limits of deposits, provisions of deposits, compliances for acceptance of such deposits etc....

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Posted Under: Income Tax |

Meaning of Significant Beneficial Ownership (SBO)

The Provisions of Significant Beneficial Ownership (SBO), in a different form, been part of the Companies Act, 1956, under section 180(7) (3). The new avatar comes under Section 90 of the Companies Act, 2013, as amended in 2017. The issue of the misuse of multi-layered corporate entities has grabbed attention of various policymakers and r...

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Posted Under: Income Tax |

18% GST Payable on Polypropylene Leno Bags whether laminated with BOPP or not

In re Assistant Commissioner of Central Tax (T & R), Howrah CGST & CX Commissionerate (GST AAAR West Bengal)

Assistant Commissioner of Central Tax (T & R), Howrah CGST & CX Commissionerate (GST AAAR West Bengal) It is clarified that Polypropylene Woven and Non-Woven Bags and PP Woven and Non-Woven Bags laminated with BOPP would be classified as plastic bags under HS code 3923 and would attract 18% GST.” From the above, it is [&hell...

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Classification of quilt (other than cotton quilt): AAR allowed withdrawal of application

In re M/s Bella Casa Fashion & Retail limited (GST AAR Rajasthan)

In re M/s Bella Casa Fashion & Retail limited (GST AAR Rajasthan) Q1. What would be the classification of quilt (other than cotton quilt)? Ans: HELD Since the applicant withdrew the application, therefoare no ruling is given. FULL TEXT OF ORDER OF AUTHORITY OF ADVANCE RULING RAJASTHAN Note: Under Section 100 of the CGST/RGST Act 2017...

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Serving of food under Govt sponsored Anganwadi meals program is covered under the scope of supply

In re M/s The Akshaya Patra Foundation (GST AAR Rajasthan)

In re M/s The Akshaya Patra Foundation (GST AAR Rajasthan) Q1. Whether preparation and serving food to children of Govt Schools under Mid-Day Meal Programme of Govt and serving of food under Govt sponsored Anganwadi meals program is covered under the scope of supply as per section 7 of CGST/RGST Act, 2017? A. Preparation and […]...

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Deduction U/s. 54B on Purchase of new asset before furnishing Return either U/s. 139(1) or belatedly U/s. 139(4)

Manilal Dasbhai Makwana Vs ITO (ITAT Ahmedabad)

Though capital gain utilized towards purchase of new asset before furnishing of return of income either under section 139(1) or belatedly under section 139(4) would be deemed to be sufficient compliance of section 54B(2), therefore, denial of the deduction under section 54B towards purchase of agricultural land after the due date of filin...

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Registration under GST regime is applicable on place of supply

In re M/s K M Trans Logistics Private Limited (AAR Rajasthan)

The registration under GST regime is applicable on place of supply of goods or services or both. Since in the instant case, as per the facts submitted by the applicant, the place of supply is from the state of Rajasthan, thus applicant is required to take registration at Jaipur, Rajasthan only....

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ITC of Central Tax paid in Haryana not available to applicant registered in Raiasthan

In re M/s IMF Cognitive Technology Private Limite (GST AAR Rajsthan)

Whether the ITC of Central Tax paid in Haryana be available to the applicant who is registered in Rajasthan state, whereby such tax is paid on inward supplies used for business of person registered in Rajasthan?...

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